There are 154,195 convenience stores dispersed throughout the U.S., and it seems more are popping up every week. It begs the question, are convenience stores still popular in this day and age, and do they provide a lucrative income to managers? With large competitors like Shell and Walgreens, many worry the mom-and-pop corner stores are a thing of the past.
Benefits of Operating a Convenience Store
Despite having many large competitors, corner stores are actually a viable business model. In fact, research indicates that pricing models of small corner stores are on par with that of their large competitors, giving them equal leverage among customers. Convenience stores are also widely used, and their popularity is currently on the rise. The millennial generation is about 53 percent more likely to patronize a convenience store than those over the age of 35, which indicates a profitable outlook for the future of the industry.
The Primary Factors that Fuel Corner Store Success
The primary factors that drive the success of corner stores is their location and accessibility. Since both large and small convenience stores offer similar pricing models, consumers are more likely to visit a store based on location than brand loyalty. Additionally, as the name indicates, convenience is a primary concern for consumers. They need to know that all of the odds and ends on their shopping list can be tackled in as few stops as possible. To ensure your store provides the highest level of convenience, you need to make sure it’s fully stocked with all of the most common needs of your customers.
Some of the key items to stock include:
- Staple food items like flour, baking soda, canned food, and condiments
- Dairy and eggs
- An array of over-the-counter medications
- Hygiene supplies for both men and women
- Meats
- Snack items
- Tobacco products
- Household cleaning supplies
- Beverages
- Small toys and coloring books
- Seasonal apparel like hats, sunglasses, sunscreen, and gloves
- Supplies for cars like windshield wiper fluid, transmission fluid, and motor oil
You’ll likely get customers inquiring about products they can’t find on your shelves. Take note of this feedback and use it to improve the accessibility of your store moving forward. As a customer checks out, be sure to inquire whether they found everything on their list. If you notice many customers reporting the same missed items, you can add them to your product list and perpetually grow your business.
Find the Right Wholesale Supplier to Keep Prices Low
The key to thriving as a convenience store is by maintaining healthy profit margins. Profit margins boil down to the overall cost of running the operation compared to the amount of money coming in. By partnering with a top-name wholesale supplier, you can access the highest quality goods at competitive bulk prices, enabling you to earn a larger chunk from each sale.
At DollarDays, we’re committed to partnering with small business owners to help you achieve the highest profit margins possible. With a wide range of wholesale goods, you can find all of the items needed to stock your convenience store, while keeping your prices low and your profits high. Contact us today to learn more.